Davos: Switzerland is 'extremely keen' on greater cooperation in India's fight against suspected black money stashed in Swiss banks and is putting in place a new law on automatic information exchange that will take about a year to come into force, Finance Minister Arun Jaitley has said.

Till the time the new law comes into force, the Swiss government will continue to provide account details as per the evidence provided by the Indian authorities under an existing arrangement, he added.

Jaitley, who held a bilateral meeting with Swiss Finance Minister Ueli Maurer during his visit here for the WEF Annual Meeting, said they discussed various issues of mutual concern and Switzerland was very keen on greater cooperation in the fight against black money.

Earlier, Maurer had said Switzerland's cooperation on tax matters in terms of sharing information on suspected black money cases would continue at 'a good level'.

In the past few months, both countries have been working closely on mutual administrative assistance.

Swiss banks, known for their banking secrecy practices, have come under global pressure as countries, including India, are stepping up efforts to crack down on the black money menace.